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That report famously valued the damage caused by global warming at 5-20 percent of GDP – a major disruption "on a scale similar to those associated with the great wars and the economic depression of the first half of the 20th century".Tackling climate change, we are told, would carry a much lower cost. Indeed, politicians of all stripes have reiterated the Stern Review's finding that global warming can be curtailed by policies costing just 1 percent of world GDP.The third installment of the IPCC report showed that strong climate policies would be more expensive than claimed as well – costing upward of 4 percent of GDP in 2030, 6 percent in 2050, and 11 percent by 2100 .Climate change has been portrayed as a huge catastrophe costing as much as 20 percent of world GDP, though brave politicians could counter it at a cost of just 1 percent of GDP. The reality is just the opposite: We now know that the damage cost will be perhaps 2 percent of world GDP, whereas climate policies can end up costing more than 11 percent of GDP.
Keeping spotlight on challenge
Why gross domestic product still matters
It’s cheaper to talk than to cut emissions
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